Light crude on the New York Mercantile Exchange, or NYMEX, fell for the third day, settling 94 cents, or 0.8 percent, lower at $112.52 a barrel after hitting a session low of $110.30, its weakest since April 14.

Analysts said the dollar got a boost from a U.S. Federal Reserve statement Wednesday which indicated that an eight-month long monetary easing cycle may be over.

The Fed statement came after another rate cut of 0.25 percentage point, which brought benchmark borrowing rates to 2 percent.

Michael Gross, futures analyst with Optionsellers.com in Tampa, Florida, said the Fed statement was "all the dollar really needs because it is so depressed right now to at least get a short-covering rally." U.S. personal spending data for March came in stronger than expected Thursday -- providing a bit of good news for an economy dependent on consumer spending -- although inflation pressures increased and manufacturing and jobless numbers were bearish.

In agricultural markets, U.S. soybean futures fell the most they could in a session in a dramatic reversal from Wednesday's rally driven by an export tax dispute in Argentina, the world's No.3 soybeans exporter.

Soybeans for July delivery on the Chicago Board of Trade fell the 70-cent limit to $12.44 a bushel, before settling at $12.71.

Gold futures for June delivery closed down $14.20 at $850.90 an ounce on the COMEX metals division of NYMEX.

It had fallen earlier to $848.50 -- its lowest level since Dec. 31.

COMEX copper for July settled down 21 cents at $3.6945 after falling to $3.6675 -- its lowest since March 25.

Copper for three-months delivery on the London Metal Exchange finished $320 or about 4 percent lower at $8,220 per tonne despite ongoing strikes at the world's biggest copper producer, Codelco